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10 Best Credit Cards with No Bank Account Needed (2020)

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The FDIC reports that, as of 2017, 8.4 million U.S. households are unbanked, meaning they have no checking or savings accounts within the banking system. Of these, 30.2% say they don’t trust banks, and 29.9% say bank fees are too high.

If you count yourself among the ranks of the unbanked, read on to learn about the 10 best credit cards with no bank account needed. You’ll see that you’ve got options, whether you have bad or no credit, are a student, or want a secured or prepaid card.

No/Limited Credit | Bad Credit | Students | Secured | Prepaid
FAQs & Methodology

Many unbanked consumers, including a large number of millennials, have little or no experience using credit. About two-thirds of millennials do not own credit cards, preferring to pay with cash or a prepaid card.

The following two cards are aimed at persuading unbanked individuals that credit is available, even if you have no or bad credit.

  • Pay no annual fee
  • Get access to a higher credit line after making your first 5 monthly payments on time
  • Fraud coverage if your card is lost or stolen
  • Use online banking to access your account, even from your smartphone, with our mobile app
  • Pay by check, online or at a local branch, all with no fee – and pick the monthly due date that works best for you
  • Get access to your account 24 hours a day, 7 days a week

N/A

N/A

26.99% (Variable)

$0

Average, Fair, Limited

The Capital One® Platinum Credit Card is specifically geared toward consumers who need to build credit. Although the initial credit line is modest, you can qualify for a higher limit by making your first five monthly payments on time.

There is no annual fee, and you can prequalify for this card with no impact to your credit score.

NO/LIMITED CREDIT RATING

★★★★★

4.5

  • Earn unlimited 1.5% cash back on every purchase, every day
  • Earn cash rewards without signing up for rotating categories
  • Get access to a higher credit line after making your first 5 monthly payments on time
  • Monitor your credit profile with the CreditWise® app, free for everyone
  • $0 fraud liability if your card is ever lost or stolen
  • No limit to how much cash back you can earn, and cash back doesn’t expire for the life of the account

N/A

N/A

26.99% (Variable)

$39

Average, Fair, Limited

The Capital One® QuicksilverOne® Cash Rewards Credit Card offers unlimited 1.5% cash back on purchases, and you can get one without a bank account, even with a limited credit history. In addition, this no-annual-fee card provides an introductory cash bonus when new cardmembers spend the required amount in the first three months after opening the account.

You may think that the combination of bad credit and no bank account would doom you to a life without credit. Wrong! The following two options show it can be done. Moreover, they can help you rebuild your credit by reporting your payments to one or more of the three credit bureaus.

BAD CREDIT RATING

★★★★★

4.7

  • Easy application! Get a credit decision in seconds.
  • Build your credit history – Fingerhut reports to all 3 major credit bureaus
  • Use your line of credit to shop thousands of items from great brands like Samsung, KitchenAid, and DeWalt
  • Not an access card

N/A

N/A

See Issuers Website

$0

Poor Credit

The Fingerhut Credit Account is easy to obtain, even with bad credit and no bank account. The account allows you to purchase products from this online retailer and its partners. The card charges no annual fees.

If you don’t qualify for the account, you’ll be automatically evaluated for a Fingerhut Fresh Start Installment Loan.

BAD CREDIT RATING

★★★★★

4.5

  • Prequalify for a card today and it will not impact your credit score
  • Less than perfect credit is okay
  • Mobile account access at any time
  • Protection from fraud if your card is stolen
  • Account history is reported to the three major credit bureaus in the U.S.

  • *Dependent on credit worthiness

N/A

N/A

24.9%

$35 – $99

Bad, Poor Credit

The Milestone® Mastercard® is aimed at consumers with less than perfect credit. The application process is easy, and you receive an instant decision.

The card charges an annual fee, but unlike other cards in this class, there are no application or maintenance fees. Cash advance fees are waived for the first year.

It’s hardly unusual for today’s students, who are mostly millennials and post-millennials, to attend college without feeling the need to open a bank account. The next two cards give students the opportunity to make purchases on credit without stepping foot in a bank.

Both cards offer many benefits, including cash back rewards. They also provide incentives in the form of statement credit to students with exceptional GPA.

Discover it® Student Cash Back

This card is currently not available.

Student Rating

★★★★★

N/A

The Discover it® Student Cash Back card offers cash back rewards and an introductory APR for new cardmembers. Students will appreciate the many security features, including free fraud and activity alerts and instant card freeze and unfreeze.

Late payments won’t raise your APR, and your first late payment won’t trigger a late fee.

Discover it® Student chrome

This card is currently not available.

Student Rating

★★★★★

N/A

The Discover it® Student chrome card offers cash back rewards – see card terms above for additional details. You can redeem your rewards at any time or use them instantly when you check out on Amazon.com.

The card’s many benefits include free FICO scores, introductory APR on purchases by new cardmembers, and free overnight replacement of lost or stolen cards.

A secured credit card is a sure opportunity to establish or rebuild your credit, banked or unbanked. You deposit with the issuer an amount equal to the card’s credit line. The deposit serves as collateral if you miss a payment. If you practice creditworthy behavior, the issuer may eventually upgrade you to a secured card and refund your deposit.

This card is currently not available.

Secured Rating

★★★★★

N/A

The Discover it® Secured card is aimed at consumers with no credit and scores of 669 or less. It offers cash back reward along with many other benefits.

Your required minimum deposit secures your credit line. You receive automatic monthly reviews to see whether you qualify for an unsecured card.

SECURED RATING

★★★★

4.0

  • No credit check necessary to apply. OpenSky believes in giving an opportunity to everyone.
  • The refundable* deposit you provide becomes your credit line limit on your Visa card. Choose it yourself, from as low as $200.
  • Build credit quickly. OpenSky reports to all 3 major credit bureaus.
  • 99% of our customers who started without a credit score earned a credit score record with the credit bureaus in as little as 6 months.
  • We have a Facebook community of people just like you; there is a forum for shared experiences, and insights from others on our Facebook Fan page. (Search “OpenSky Card” in Facebook.)
  • OpenSky provides credit tips and a dedicated credit education page on our website to support you along the way.

N/A

N/A

18.89% (variable)

$35

Poor

You can obtain an OpenSky® Secured Visa® Credit Card without a credit check or bank account. The card accepts a refundable deposit between $200 and $3,000 that is deposited in an FDIC-insured account.

The issuer claims that 99% of new cardholders without a credit score were able to establish a score in as little as six months. The card has a low annual fee and a monthly fee that kicks in when the card is inactive for 12 months.

Prepaid cards are a handy tool for unbanked consumers. You load cash onto the card and then use it to make purchases just as you would a regular credit card.

Both cards can cover overdrafts of up to $10, and your credit score is irrelevant. These cards allow you to receive your direct deposit checks up to two days early.

PREPAID RATING

★★★★★

4.7

  • With Netspend Direct Deposit, you can get paid faster than a paper check.
  • No late fees or interest charges because this is not a credit card.
  • No Overdraft Fees on purchases using your card.
  • Use the NetSpend Mobile App to manage your account on the go and get text message or email alerts (Message & data rates may apply).
  • Card issued by MetaBank®, Member FDIC. Card may be used everywhere Visa Debit cards are accepted. Click “Get My Card ” for full details.
  • See additional NetSpend® Prepaid Visa® details.

N/A

N/A

N/A

Up-to $9.95 monthly

Not applicable

The NetSpend Visa® Prepaid Card can be loaded with cash, checks, and direct deposits (such as your paycheck or Social Security check). You can deposit checks quickly using the Mobile Check Load feature on the Netspend smartphone app.

In addition, there are more than 130,000 reload locations across the country. You can withdraw cash from the card at ATMs or at the cash register.

Brinks Prepaid Mastercard

This card is currently not available.

Prepaid Rating

★★★★★

N/A

The Brink’s Prepaid Mastercard accepts cash, checks, transfers from other cardholders, and direct deposits. You can load cash at more than 130,000 reload locations on the NetSpend network.

You can expect to get up to two days faster when the card receives a direct deposit. The money in the card is kept in an FDIC insured account at Axos Bank.

Credit card issuers know that millions of individuals are unbanked in the United States. So, it’s not surprising that many issuers welcome unbanked applicants and provide payment methods that don’t require bank accounts.

For consumers with no or limited credit, we recommend two cards from the same issuer. The Capital One® Platinum Credit Card and the Capital One® QuicksilverOne® Cash Rewards Credit Card charge no annual fee and allow you to build a credit score. If you want cash back rewards, the QuicksilverOne® card lets you earn unlimited 1.5% cash back on purchases.

On the other hand, if your credit is poor, you need to rebuild your score. The Fingerhut Credit Account is easily obtained but limited mostly to shopping at the Fingerhut online store.

If you want a general-purpose credit card despite having bad credit and no bank account, you may like the Milestone® Mastercard®. It is fee-friendly and promises applicants a quick decision.

The two student cards from Discover differ only in their cash back schemes. The Discover it® Student Cash Back card realizes reward amounts based on rotating categories, whereas the Discover it® Student chrome card offers rewards on fixed categories.

The OpenSky® Secured Visa® Credit Card and Discover it® Secured let anyone obtain a credit card by depositing a refundable deposit that acts as collateral for your payments. These cards are an easy way to establish or rebuild credit and their issuers can promote you to an unsecured card if you make your payments on time for a set period.

Finally, the NetSpend Visa® Prepaid Card and Brink’s Prepaid Mastercard are more like debit cards, in that you must fund them before use. These are perfect for those who don’t want to own a bank account nor pay overdraft fees.

You have several ways to pay your credit card bill without having a bank account. The most obvious way is with cash. You can go into any bank that supports the credit card network (Visa, Mastercard, American Express, and Discover) and make a credit card payment with cash or money order.

In addition, your card issuer may take payments at retail stores. For example, Capital One lets you pay your credit card at certain stores, as well as MoneyGram, Money Services, and Western Union locations. You can use the PayNearMe app to make a Capital One credit card payment at 7-Eleven stores.

PayNearMe Screenshot

PayNearMe is an app that supports cash payments at various nationwide retailers.

Money orders are also handy if you wish to mail in your payment. All credit cards have an address where you can mail payments.

Make sure you put your credit card account number on the money order. You may want to use certified mail to ensure proper delivery.

If you use prepaid cards, you can purchase a reload pack with cash or a money order at a participating retailer. Each reload pack has a unique serial number. You can then go online or call the card’s customer service number to use the reload pack number to transfer the cash to your prepaid card.

Another advantage of prepaid cards is that they accept direct deposits, in which the payer routes the payment directly to the card account. This can come in handy for paychecks, tax refunds, Social Security payments, and other sources. These have the advantage of speeding up your receipt of the payment by up to two days.

Alternatively, you can use smartphone apps like the Netspend Mobile App that have a mobile check capture feature to deposit the check to a prepaid account. You can endorse and photograph a check you’ve received and then transmit the image to your prepaid card account.

Most credit cards report your payments to at least one of the three national credit bureaus. This reporting is what determines your credit score. Here are some tips for boosting your score with a credit card:

  • Use your card responsibly. That means paying your monthly bill on time, not exceeding the card’s spending limit, and paying more than the minimum amount each month (preferably the full balance).
  • Pay off balances and maintain a credit utilization ratio (i.e., total credit balances divided by total credit limits) below 30%.
  • Ask to become an authorized user on another person’s credit card. With responsible use, this will start building your credit right away.
  • Consider a secured credit card. Usually, you can obtain one despite having no or poor credit. By using the card responsibly, you may eventually be upgraded to an unsecured card.
  • Dispute errors on your credit reports. You can get free copies of your reports from AnnualCreditReport.com. Check them carefully and dispute any mistakes. Your credit score will immediately improve when a credit bureau removes derogatory information.
  • Do not close old credit card accounts, even if you no longer use the card. A long credit history helps your score.

Ultimately, your credit score should improve when you exhibit creditworthy behavior. Even if you’ve gone through negative events such as collections and bankruptcies, their impact starts to wane over time. By obtaining a credit card and using it responsibly, you can put yourself on the road to better credit.

Our list of the best credit cards with no bank account needed evaluates offers that approve applicants with no, limited, or bad credit histories. To determine our rankings, we assessed the following factors:

  • rates, terms, and rewards offered
  • the ability to build credit with reported payments
  • deposits and/or fees required
  • overall customer satisfaction

CardRates’ reviews undergo a thorough editorial integrity process to ensure that content is not compromised by advertiser influence.



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Who Voted For Me? – WSVN 7News | Miami News, Weather, Sports

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(WSVN) – He walked into a Broward precinct during early voting to cast his ballot and then was told, “You already voted today.” Of course, he had not and was not happy his right to vote was being taken from him, which is why he put in  a call to Help Me Howard with Patrick Fraser.

The right to vote is what separates a democracy from a dictatorship.

Matthew Bryant: “I’ve never missed an election. It’s fundamental to what it means to be an American.”

And last week, Matthew and his wife got in line for early voting, ready to cast their ballots in person.

Matthew Bryant: “My wife and I both felt that voting in person was the best way to ensure that our vote was truly actually counted.”

But when Matthew’s turn came at the Broward precinct, they scanned his driver’s license and told him, “You already voted.”

Matthew Bryant: “‘This can’t be right. I know I didn’t vote yet. What are you talking about?’”

A supervisor came over to confirm that the records showed Matthew had indeed cast his ballot that morning.

Matthew Bryant: “They verified then that Matthew Bryant at 6800 address had, in fact, voted already.”

Matthew was stunned, since state law requires the voter to have a valid ID.

Matthew Bryant: “Apparently, the person that morning must not have had a photo ID. My first question to them is who took away my right to vote?”

A vote Matthew was excited to cast for his candidate.

Matthew Bryant: “I voted for Trump.”

But now Matthew fears he lost his right to cast that ballot.

Matthew Bryant: “Certainly I am personally offended. This is my right. I’m an American citizen, I paid my taxes, you know. I’m a productive member of our society. I need to have a say.”

And if you cannot vote, you don’t have a say, so legally, Howard, what should Matthew do to get that other ballot tossed and his counted?

Howard Finkelstein: “First, Matthew should request what’s called a provisional ballot, which is a regular ballot he fills out that is sealed and put in a special envelope. Then the canvassing board can quickly determine if a crook cast an illegal ballot in Matthew’s name or it was a clerical error that can be easily fixed. Either way, Matthew’s vote will then count.”

Some confusion on evictions. The feds have blocked them if you fill out an affidavit saying you couldn’t pay because of COVID. A lot of viewers are getting served with eviction lawsuits and don’t know what to do with that affidavit.

Howard Finkelstein: “When you get served with the lawsuit, give that affidavit to your landlord. The eviction papers your landlord serves you with will tell you where to respond. Do that quickly and include your affidavit for the judge to read. They will either grant the eviction or allow you to stay in the rental until at least the end of the year.”

A fellow says a customer came into the job and used what turned out to be a bad credit card. His boss is now making him pay back the money that was stolen. Does he have to?

Howard Finkelstein: “Generally speaking, an employer cannot require you to pay back the money that came from a fraudulent credit card. Of course, if you refuse, they can fire you, so you have to decide whether to repay or not.”

Matthew Bryant: “There was another person with the same last name and the exact same date of birth at a different precinct.”

There was nothing criminal in Matthew’s case; it was a clerical error. A poll worker clicked on the wrong name at the polls. Broward corrected it, accepted Matthew’s vote and made him happy.

Matthew Bryant: “The system is trustworthy for in-person voting. Looks like it, yeah. My confidence in voting, in in-person voting, has been restored.”

When you vote in person and there’s a problem, you know right away. If you cast a mail-in ballot, you can go online to see if your vote has been counted, and if not, contact them to see what can be done to correct it.

And if you have a problem, a question you want us to answer, cast your lot with us. We would love to help you out.

CONTACT HELP ME HOWARD:
Email: helpmehoward@wsvn.com
Reporter: Patrick Fraser at pfraser@wsvn.com
Miami-Dade: 305-953-WSVN
Broward: 954-761-WSVN

Important South Florida election sites:

Broward County
www.browardsoe.org/Voter-Information/Voter-Lookup-Free-Access-System

Miami Dade County
www.miamidade.gov/global/service.page?Mduid_service=ser151187731708822

Monroe County
www.keys-elections.org/m/Voters/My-Registration-Status

Palm Beach County
www.pbcelections.org/Voters/My-Status

Florida
registration.elections.myflorida.com/en/CheckVoterStatus

Florida Election Information
dos.myflorida.com/elections/for-voters/voting/vote-by-mail

Copyright 2020 Sunbeam Television Corp. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Swimming Pool Loans: Finance with a Personal Loan

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Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders, all opinions are our own.

The average cost of installing a pool in the U.S. is about $35,000, according to HomeGuide. If you’d like to get a pool but don’t have the cash, a personal loan could help you cover the cost.

Here’s what you should know about swimming pool loans:

Personal loans for swimming pools

A personal loan can be used for a wide variety of reasons — including swimming pool installation. Here are Credible’s partner lenders that offer personal loans for swimming pools:

Avant

Avant offers personal loans for up to $35,000, as well as fast loan funding. If you have fair credit and would like to finance a pool installation, Avant could be a good choice.

  • Rates: 9.95% – 35.99% APR
  • Loan terms (years): 2, 3, 4, 5*
  • Loan amount: $2,000 to $35,000**
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except CO, CT, HI, IA, LA, NV, NY, SC, VT, and WV
  • Min. income: $24,000
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 580
  • Time to get funds: As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
  • Loan uses: Debt consolidation, emergency expense, life event, home improvement, and other purposes

Avant personal loans review

*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.

**Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.

Axos

Axos personal loans range from $5,000 to $35,000 and can be used for home improvement and more. Keep in mind that you’ll likely need very good credit to qualify for an Axos loan.

  • Rates: 9.95% – 35.99% APR
  • Loan terms (years): 2, 3, 4, 5*
  • Loan amount: $2,000 to $35,000**
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except CO, CT, HI, IA, LA, NV, NY, SC, VT, and WV
  • Min. income: $24,000
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 580
  • Time to get funds: As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
  • Loan uses: Debt consolidation, emergency expense, life event, home improvement, and other purposes

Avant personal loans review

*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.

**Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.

Best Egg

Best Egg offers personal loans up to $35,000, with highly competitive fixed interest rates. Just remember that you’ll need good credit to qualify for the lower end of these rates.

  • Rates: 5.99% – 29.99% APR
  • Loan terms (years): 3, 5
  • Loan amount: $5,000 – $35,000
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except DC, IA, VT, and WV
  • Min. income: None
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. credit score: 640
  • Time to get funds: As soon as 1 – 3 business days after successful verification
  • Loan uses: Credit card refinancing, debt consolidation, home improvement, and other purposes

Best Egg personal loans review

Discover

If you have good to excellent credit and are looking for a longer repayment term, a personal loan from Discover might be a good option. Discover offers loans ranging from $2,500 to $35,000, with terms from three to seven years.

  • Rates: 6.99% – 24.99% APR
  • Loan terms (years): 3, 4, 5, 6, 7
  • Loan amount: $2,500 – $35,000
  • Fees: None as long as you pay on time
  • Discounts: None
  • Eligibility: Available in all 50 states
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. credit score: 660
  • Time to get funds: Funds can be sent as soon as the next business day after acceptance
  • Loan uses: Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding

Discover personal loans review

LendingPoint

You don’t need excellent credit to get a loan from LendingPoint. If you’re looking for bad credit personal loans, LendingPoint might be a good option.

  • Rates: 15.49% – 35.99% APR
  • Loan terms (years): 2, 3, 4
  • Loan amount: $2,000 to $25,000
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except CO, CT, HI, MA, MD, NV, NY, VT, WV, and WY
  • Min. income: $35,000
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 585
  • Time to get funds: As soon as the next business day
  • Loan uses: Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes

LendingPoint personal loans review

LightStream

A division of SunTrust Bank, LightStream offers loans up to $100,000, plus repayment terms ranging from two to 12 years for home improvement. This gives you more time to pay off your pool compared to other personal loan lenders.

  • Rates: 3.99% – 19.99% APR
  • Loan terms (years): 2, 3, 4, 5, 6, 7 (up to 12 years for home improvement loans)
  • Loan amount: $5,000 to $100,000
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all states except RI and VT
  • Min. income: Does not disclose
  • Customer service: Phone, email
  • Soft credit check: No
  • Min. credit score: 660
  • Time to get funds: As soon as the same business day
  • Loan uses: Credit card refinancing, debt consolidation, home improvement, and other purposes

LightStream personal loans review

LightStream disclosure

Marcus

Marcus personal loans come with absolutely no fees — no origination fees, prepayment penalties, or even late fees. And if you make your payments on time and in full for a year, you have the option of skipping a payment with no interest accruing.

  • Rates: 6.99% – 19.99% APR1
  • Loan terms (years): 3, 4, 5, 6, 7
  • Loan amount: $3,500 to $40,0002
  • Fees: None
  • Discounts: None
  • Eligibility: Available in all states except MD
  • Min. income: $30,000
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. credit score: 680
  • Time to get funds: Many Marcus customers receive funds in as little as five days
  • Loan uses: Credit card refinancing, debt consolidation, home improvement, and other purposes

Marcus personal loans review

1Rate reduction available for AutoPay.

2You may be required to have some of your funds sent directly to pay off outstanding unsecured debt.

3After making 12 or more consecutive monthly payments, you can defer one payment as long as you have made all your prior payments in full and on time. Marcus will waive any interest incurred during the deferral and extend your loan by one month (you will pay interest during this extra month). Your payments resume as usual after your deferral. Advance notice is required. See loan agreement for details.

PenFed

If you only need to borrow a small amount, PenFed could be a good choice. With PenFed, you could get anywhere from a $600 up to $20,000 personal loan with loan terms from one to five years.

  • Rates: 6.49% – 17.99% APR
  • Loan terms (years): 3, 4, 5
  • Loan amount: $600 to $20,000 (depending on loan term)
  • Fees: None
  • Discounts: None
  • Eligibility: Does not disclose
  • Min. income: Does not disclose
  • Customer service: Phone, email
  • Soft credit check: No
  • Min. credit score: 650
  • Time to get funds: 2 to 4 business days after verification
  • Loan uses: Debt consolidation, home improvement, transportation, medical, dental, life events

PenFed personal loans review

Prosper

Prosper is a lending marketplace where loans are funded by individual investors. Prosper loans come with three- or five-year terms and are available for up to $40,000.

  • Rates: 6.95% – 35.99% APR
  • Loan terms (years): 3, 5
  • Loan amount: $2,000 to $40,000
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except IA, ND, WV
  • Min. income: None
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 640
  • Time to get funds: On average, within 5 days of accepting your offer
  • Loan uses: Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes

Prosper personal loans review

SoFi

SoFi offers $5,000 up to $100,000 personal loans that come with no origination fees, closing costs, or prepayment penalties. SoFi also offers unemployment protection, free financial planning sessions, and career coaching.

  • Rates: 5.99% – 18.83% APR
  • Loan terms (years): 2, 3, 4, 5, 6, 7
  • Loan amount: $5,000 to $100,000
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all states except MS
  • Min. income: Does not disclose
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: Does not disclose
  • Time to get funds: 3 business days
  • Loan uses: Solely for personal, family, or household uses

SoFi personal loans review

Upgrade

An Upgrade personal loan could be a good choice if you’re building credit or looking for fast loan approval. Upgrade offers loans up to $35,000.

  • Rates: 7.99% – 35.97% APR
  • Loan terms (years): 3, 5
  • Loan amount: $1,000 to $35,000 ($3,005 minimum in GA; $6,005 minimum in MA)
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except DC, IA, WV
  • Min. income: Does not disclose
  • Customer service: Email
  • Soft credit check: Yes
  • Min. credit score: 580
  • Time to get funds: Within a day of clearing necessary verifications
  • Loan uses: Debt consolidation, credit card refinancing, home improvement, and other purposes

Upgrade personal loans review

Upstart

With Upstart, you could get a $1,000 up to a $50,000 personal loan. In addition to your credit, Upstart looks at over 1,000 non-traditional credit indicators to help get you approved for a personal loan — which means those with less-than-stellar credit might still qualify for a loan.

  • Rates: 8.13% – 35.99% APR4
  • Loan terms (years): 3 to 5 years4
  • Loan amount: $1,000 to $50,0005
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except IA and WV
  • Min. income: $12,000
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 600

    (in most states)
  • Time to get funds: As soon as 1 – 3 business days6
  • Loan uses: Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposes

Upstart personal loans review

4The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 15% and 36 monthly payments of $33 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

5This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers received are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website.

6If you accept your loan by 5pm EST (not including weekends or holidays), loan funds will be sent to your designated bank account on the next business day, provided that such funds are not being used to directly pay off credit cards. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.

See: What You Can Use a Personal Loan For

How to calculate the total cost of your swimming pool loan

How much you’ll need to borrow to cover your swimming pool will depend on the type of pool you choose.

Here are some common price points to consider before estimating the overall cost of a swimming pool loan:

  • Above-ground swimming pool: $1,500 to $16,000 on average
  • In-ground swimming pool: $3,000 to $100,000
Tip: The total cost of your loan will also be driven by the interest rate and any fees charged by the lender.

Having a good credit score could also help you qualify for a lower interest rate, so it’s a good idea to make sure your credit is as good as it can be before applying.

Before you borrow, estimate how much you’ll pay for a swimming pool loan using our personal loan calculator below:

Enter your loan information to calculate how much you could pay

Total Payment
$

Total Interest
$

Monthly Payment
$

With a
$
loan, you will pay
$
monthly and a total of
$
in interest over the life of your loan. You will pay a total of
$
over the life of the
loan.


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HELOCs vs. personal loans for pools

In some cases, a Home Equity Line of Credit (HELOC) might be a good choice to pay for pool installation. Here are some pros and cons of both HELOCs and personal loans to help you decide:

  HELOCs Personal loans
Pros
  • Often have lower interest rates
  • Can use credit line multiple times
  • Quick application
  • Typically unsecured (doesn’t require collateral)
  • Few or no fees (depending on the lender)
Cons
  • If you stop payments, you could lose your collateral (i.e., your home)
  • Can come with upfront costs
  • Typically higher interest rates
  • Generally need very good credit to qualify
Best for
  • Borrowers with a good amount of equity in their home
  • Borrowers with good credit who qualify for lower rates

Learn More: How to Decide Between a Personal Loan and a Personal Line of Credit

Things you should know before building a pool

On top of paying for a pool, there are a few points to keep in mind before you take the plunge. Here’s what to consider first:

Pools won’t necessarily boost your home value

Unlike a bathroom addition or kitchen remodel, adding a new pool won’t necessarily add value to your home. If you move, you’ll be leaving it behind and likely won’t recoup the full cost — if any.

Also keep in mind that if you sell your home, buyers might not be thrilled with the added costs and safety risks that come with a home swimming pool.

The typical pool builder will recoup about $20,000 to $32,000 in value compared to an average $50,000 expense, according to HGTV.

In addition to paying for the pool, there may be additional monthly costs

Pool costs don’t stop after building and filling it up for the first time. There are a handful of common, ongoing costs related to owning a pool. The cost is around $3,000 to $5,000 per year, according to HomeAdvisor. These costs include:

  • Heating-related electricity costs
  • Pool chemicals
  • Cleaning services
  • Ongoing maintenance
  • Winterizing
  • Filling and adding water
  • Additional home insurance costs

Learn More: Where to Get a $10,000 Personal Loan

Some pool dealers may offer their own financing — but you should compare your options

Some pool-building companies offer their own financing. However, it’s a good idea to compare this with other loan options you might qualify for since you might get a much lower interest rate with another lender.

If the pool dealer offers a better deal, it might be a good choice. Just remember that you’re under no obligation to finance through your pool company, especially if you can get better terms elsewhere.

If you decide to take out a personal loan to pay for your swimming pool, be sure to consider as many lenders as possible to find the right loan for you. Credible makes this easy — you can compare your rates from multiple lenders in two minutes.

Ready to find your swimming pool loan?
Credible makes it easy to find the right personal loan for you.

  • Free to use, no hidden fees
  • One simple form, easy to fill out and your info is protected
  • More options, pick the loan option that best fits your personal needs
  • Here for you. Our team is here to help you reach your financial goals

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Keep Reading: Where to Get a Personal Loan

About the author

Eric Rosenberg

Eric Rosenberg

Eric Rosenberg is a Credible expert on personal finance. His work has been featured at Business Insider, Investopedia, The Balance, The Huffington Post, MSN Money, Yahoo Finance, Mint.com and more.

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Bad Credit

The case of the ugly-credit customer

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Thea Dudley

Dear Thea,

I recently had a customer apply for credit, and their commercial credit report was UGLY. They owe everyone, and they’re past due 90+ days. They have a few big orders pending with us and I feel they have been shut off everywhere else, which is why they are pushing so hard to get our orders shipped. I called the president of the company and told him we were opening his account COD so the orders pending would need to be paid prior to shipping them out. He blew up. He said he didn’t care about the information on the DNB report and it did not relate to them. Then he screamed at me, asking if we were going to send the materials. I am not interested in acquiring another slow paying account, so I need your thoughts.

Signed, Miffed in Michigan

Dear Miffed,

Control freaks, abusers of credit, and manipulators of people don’t ever question themselves. They never ask themselves if the problem is actually them, and they always say the problem is someone else. Such is the life of the slow-paying/no-paying account.

Yes, Mr. Crappy Credit Report, it is completely everyone else’s fault that your credit payment history looks like a piece of Swiss cheese: full of holes and slightly smelly. In fact, the Secret Society of Credit Managers got together last week and selected your company as THE ONE we were going to target for the month to make your professional life a nightmare. It has nothing to do with your inability to pay your invoices in a timely fashion. You, as always, are an innocent my dear customer.

Let’s be real here: customers with negative or poor credit history ALWAYS know they have bad credit, but they always posture like it is brand new information, heard for the very first time. What? My credit is bad? No, who is reporting me that way? I want names, numbers, I dispute it. This is total BS! The list of objections goes on and on. One thing they do know, it is wrong, and you need to give them credit RIGHT NOW or they will take their business elsewhere (oh, the horror.)

Blowhards and bullies shout over the top of you and push their agenda because that’s what worked for them in the past. Their theory is “if you say it loud enough and angry enough with enough threats and forcefulness, it becomes true and others back down.”

Well, I like to throw caution to the wind and pet that kitty backwards. If you are going to come at me bro, don’t come empty-handed. You’re not the first guy to lose his stuffing at me. So, your credit report is junk. Ok, no problem. I will email you a copy and you can address it directly with the commercial credit bureau I pulled it from. Once you two have kissed and made up, I will pull a new one and if it is good, then welcome to the family!

In absence of that, let’s take a look at the trade references you listed on your credit application. I will personally call each and every one of them. Once I have made contact and have the information back, we can reevaluate. Just so we are on the same page, trade references are who you currently purchase like materials from. I do not want anyone you hire (so no sub-contractors, no contractors, no homeowners), no big box, no gas and sip, no personal testimonials.

How about some financials? I will take those. Show me what you have under the hood. Since this is a family publication, I cannot print what some of the reactions to those requests have been but most of you have pretty good imaginations and can fill in those blanks.

If someone truly believes their credit report is inaccurate, they have a normal conversation about it, in a normal tone. In this case the old adage, “the louder they are, the harder they fall” applies, so take heed.

With more than 30 years of credit management experience in the LBM industry, Thea Dudley consults with companies on a wide range of credit and financial management issues. Contact Thea at theadudley@charter.net.

 

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